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BioMedPartners have announced the first closing of BioMedInvest III, their third Guernsey-domiciled equity venture capital fund, at CHF 75 million.
The fund is a healthcare venture capital fund which invests in private early-to-mid-stage companies in Switzerland, Germany and neighbouring countries of the European Union.
‘The continued success of BioMedInvest has clearly convinced many of the major investors in the previous funds to commit also to BioMedInvest III. Among these are a large European institutional investor and the Berner Kantonalbank, BEKB. In addition we could gain several important new private investors. Louvre Fund Services has proved to be an excellent fund administration partner and we value the team’s contribution over the years to our success,’ says Dr Markus Hosang, General Partner at BioMedPartners.
BioMedInvest III LP is a collective investment scheme authorised by the Guernsey Financial Services Commission. It is the third Guernsey-domiciled BioMedPartners fund that is administered by Louvre Fund Services. Managing Director Kevin Gilligan comments: ‘We have been delighted to support the BioMedPartnersteam with another successful launch. We believe that the investment sources and this successful first closing of the fund is a positive sign for Guernsey's place in a post-Brexit Europe.'
Collas Crill acted for BioMedInvest on the establishment of the fund. Paul Wilkes, Group Partner, commented: 'The ongoing confidence shown in Guernsey by BioMedInvest and its investors is a major plus for the island. Guernsey is perfectly placed for a fund of this nature and we look forward to a continuing successful relationship for all involved in BioMedInvest.'
The new fund will continue BioMedPartners’ successful strategy of investing in innovative biopharmaceutical, medical device and diagnostics companies that have a strong science and technology base, an innovative product portfolio addressing unmet medical needs, a competent leadership and a promising business perspective.
With a target size of CHF 120-150 million, BioMedInvest III will invest in 12–16 private companies, supporting them not only by providing funds, but also by having members of its strong management team taking board responsibility in its portfolio companies, and by providing access to its extensive network of industry experts and scientific leaders.
The fund will start to invest immediately, and the final closing is foreseen for early 2018.
